Oil Prices Slip as Iraq's SOMO Resumes Exports via Turkey, Diversifies Routes

• Oil prices edged lower after Iraq’s SOMO signed deals to export crude through Turkey, Jordan, and Syria.
• Iraq is resuming exports via Turkey, bypassing the Strait of Hormuz, a critical global oil transit chokepoint.
• An agreement with the Kurdistan region will restart oil exports through a pipeline to Turkey’s Ceyhan port.
• The rerouting aims to ease global oil availability concerns amid geopolitical tensions, though impact may be limited.
• US efforts to reopen the Strait of Hormuz and Iraq's diversification contribute to softer oil prices.